Dow Jones Sells Off As Bitcoin Falls; BBBY shares plunge 47% on Cohen sale

The Dow Jones Industrial Average veered lower on Friday as Bitcoin price fell below $22,000 and Bed bath and beyond (bbby), BBBY shares collapsed.


Shares of BBBY fell sharply on Thursday, after renewed interest in meme stocks led shares to more than double in a strong six-day advance. On Friday, shares plunged as much as 47% in premarket trading before paring losses to 42% in morning trading. gamestop (GME) President Ryan Cohen’s RC Ventures revealed it had sold its entire stake at the struggling retailer. Additionally, Bed Bath & Beyond announced that it had retained bankruptcy specialist Kirkland & Ellis to help manage its unwieldy debt load. The stock rose as much as 560% from a July 27 low of 4.54 to Wednesday’s high of 30.00.

Key earnings drivers for Friday include Applied Materials (ENORMOUS), Deere (OF), shoe drawer (Florida) Y Ross Stores (ROST). MANY actions fell 1%. Deere shares fell 2.5%. Foot Locker soared 23%. Y Ross Stores increased almost 1%.

electric vehicle leader Tesla (TSLA) traded down 2% on Friday morning. Elsewhere, Dow Jones Technology Leaders Apple (AAPL) Y Microsoft (MSFT) both withdrew after stock market today open.

In today’s healthy stock market environment, Dow Jones stocks Coke (IT IS) Y Merck (MRK) – as much as shelter him (SUNRISE), Arista Networks (sides), Costco (COST) Y Ollie Bargain Outlet (OLLI), are among the top stocks to buy and watch.

Albemarle and Costco were featured in the Stocks column near a buy zone this week. Costco stock added to IBD classification table Y Swing Trader in the wake of Tuesday’s breakout move. Albemarle was a recent IBD Day Stock.

Dow Jones Today: Treasury Yields, Oil Prices, Bitcoin

Early Friday, the Dow Jones Industrial Average fell 0.8%, while the S&P 500 was down 1.1%. The Nasdaq Composite was down 1.6% in morning trading.

Among exchange traded fundsNasdaq 100 follower Invesco QQQ Trust (QQQ) fell 1.6%, and the SPDR S&P 500 ETF (TO SPY) fell 1.1% in early trading.

The 10-year Treasury yield rose to 2.97% early Friday, following Thursday’s drop to 2.88%. The 10-year Treasury yield is rebounding after hitting its lowest level since early April in recent weeks.

Meanwhile, US oil prices threatened to extend this week’s losses that fell to their lowest level since January. West Texas Intermediate futures traded down almost 2% to below $89 a barrel.

The price of Bitcoin fell more than 9% in the last 24 hours, according to CoinDesk. Bitcoin traded around $21,300 in Friday morning action.

stock rally

On Thursday, the Dow Jones Industrial Average gained less than 0.1%, while the S&P 500 rose 0.2%. The tech-heavy Nasdaq Composite was up 0.2% but held below the 13,000 level and is still on track to snap a four-week winning streak. The small-cap Russell 2000 rose 0.7%.

The coming sessions are likely to be key to the stock market trend as the Nasdaq and Dow Jones industrials test support levels. Meanwhile, the S&P 500 is crashing against its 200-day line, which is a key resistance level to watch out for.

Thursday’s The Big Picture column commented, “If the stock market trades sideways, most of the leading stocks will also consolidate. These rest periods can result in do you drive in cup, saucer and false bottom patterns, or even new basesthat provide new points of purchase”.

If you’re new to IBD, consider taking a look at their stock trading system Y CAN SLIM Basics. acknowledging chart patterns it is a key to investment guidelines. IBD offers a wide range of growth stock listingsWhat leaderboard Y Swing Trader.

Investors can also create watch lists, find companies that are approaching a point of purchaseor develop custom screens in IBD MarketSmith.

Five Dow Jones Stocks to Watch Now

Dow Jones Stocks to Watch: Coca-Cola, Merck

Dow Jones soft drink giant Coca-Cola is building a flat bottom that has a buying point of 67.30. A handle entry at 65.14 is also in play. Stocks are recovering from their 50 day line and are trying to outperform the mango entry. The stock fell 0.1% early Friday.

Merck is also building a flat bottom, a pattern that shows a buy point of 95.82. Stocks are trying to stay above their 50-day line, according to IBD MarketSmith chart analysis. Merck shares rose 0.6% on Friday.

MRK Shares shows a solid 94 from a perfect 99 IBD Composite Classification, for him IBD stock check. Investors can use the IBD Composite Rating to easily gauge the quality of a stock’s fundamental and technical metrics.

4 Top Growth Stocks to Buy and Watch in the Current stock market rally

Top Stocks to Watch: Albemarle, Arista, Costco, Ollie’s

Lithium producer Albemarle remains range buying following Friday’s break past 273.78 point of purchase on a large base with handle. The 5% buy zone rises to 287.47. Early last week, the stock topped a smaller mug with a handle with a buy point of 250.25. Shares rose 0.7% on Thursday, ending a two-day losing streak. The stock was down 1.7% on Friday morning.

edge networks, one of this week’s IBD 50 stocks to watch, continues to rise on the right side of a double-bottom base that offers a buying point at 143.67. With the stock 8% away from the current entry, look for a tag to offer a more optimal buying point for risk. Arista’s RS line has been trending higher and is approaching a new high. ANET shares fell 2% on Friday.

IBD classification table Costco stock is breaking past a handle mug with a buy point of 552.81. The stock was up 0.8% on Thursday, moving higher into the 5% buy area. Shares fell 0.7% early Friday.

Ollie’s Bargain Outlet is recovering from its 10 week line — a critical support level — putting the major discount retailer into a new buying zone. Stocks are also carving out a handle after a large cup base, putting the last buy point at 72.37. Current price action is 11% away from that entry. Shares fell 0.5% on Friday morning.

Join IBD experts as they discuss the top stocks in the current stock market rally on IBD Live

Tesla Stock

Tesla shares lost 0.4% on Thursday, extending a losing streak to three sessions. Shares of the electric vehicle giant fell 2% on Friday morning.

This week, stocks closed at their highest level since May 4. Stocks are trying to decisively climb back above resistance around their 200-day line. Tesla is 27% down from its 52-week high. His 3-for-1 stock split is scheduled for August 24.

Dow Jones Leaders: Apple, Microsoft

Among dow jones stocksApple shares rose 0.9% on Thursday as shares continue to build the right side of a cup base which has a buy point of 179.71. Another interpretation could be a large double bottom going back to January. Either way, the point of purchase is identical. Be on the lookout for a potential identifier to form and offer a lower entry.

To the upside, the stock’s relative strength line is already at new highs, signaling strong outperformance in the stock market. Shares fell 0.4% on Friday morning.

Microsoft fell 0.4% on Thursday, moving further away from its 200-day long-term line. The stock lost 0.5% early Friday.

Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more information on growth stocks and the Dow Jones Industrial Average.


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